Practice question
A policy paper says deposit secrecy seeks to keep all money physically idle inside vaults and prevent authorized lending. How does Section 1 answer?
- The paper reverses the policy, which channels deposits toward authorized lending for economic development.
- The paper exactly states the statute.
- The law forbids all financial intermediation.
- Secrecy automatically turns every deposit into a gift.
- Only bank shareholders may save money.
Legal references
- RA1405, Section1, purpose of deposit secrecy: https://lawphil.net/statutes/repacts/ra1955/ra_1405_1955.html
- PD1246, preamble and Section2 amending RA6426Section8: https://lawphil.net/statutes/presdecs/pd1977/pd_1246_1977.html
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